THE ROLE OF INVENTORIES AND SPECULATIVE TRADING IN THE GLOBAL MARKET FOR CRUDE OIL

We develop a structural model of the global market for crude oil that for the first time explicitly allows for shocks to the speculative demand for oil as well as shocks to flow demand and flow supply. The speculative component of the real price of oil is identified with the help of data on oil inventories. Our estimates rule out explanations of the 2003–2008 oil price surge based on unexpectedly diminishing oil supplies and based on speculative trading. Instead, this surge was caused by unexpected increases in world oil consumption driven by the global business cycle. There is evidence, however, that speculative demand shifts played an important role during earlier oil price shock episodes including 1979, 1986 and 1990. Our analysis implies that additional regulation of oil markets would not have prevented the 2003–2008 oil price surge. We also show that, even after accounting for the role of inventories in smoothing oil consumption, our estimate of the short‐run price elasticity of oil demand is much higher than traditional estimates from dynamic models that do not account for for the endogeneity of the price of oil. Copyright © 2013 John Wiley & Sons, Ltd.     

Consumers’ Perceptions of Corporate Social Responsibility: Scale Development and Validation

Researchers and companies are paying increasing attention to corporate social responsibility (CSR) programs and the reaction to them by consumers. Despite such corporate efforts and an expanding literature exploring consumers’ response to CSR, it remains unclear how consumers perceive CSR and which “Gestalt” consumers have in mind when considering CSR. Academics and managers lack a tool for measuring consumers’ perceptions of CSR (CPCSR). This research explores CPCSR and develops a measurement model. Based on qualitative data from interviews with managers and consumers, the authors develop a conceptualization of CPCSR. Subsequently, model testing and validating occurs on three large quantitative data sets. The conceptualization and the measurement scale can assist companies to assess CPCSR relative to their performance. They also enable managers in identifying shortcomings in CSR engagement and/or communication. Finally, the paper discusses implications for marketing practice and future research.     

Training and organisational performance: A meta‐analysis of temporal,institutional and organisational context moderators

Drawing on systems theory, we conducted a moderated meta‐analysis of the training and organisational performance relationship using 119 primary studies. We examined the moderating effects of quality versus quantity of training, time, institutional and organisational context factors in the relationship between training and organisational performance. Our findings reveal that training is positively and directly related to organisational performance with no statistically significant difference between measures of training quality and quantity. We found that the relationship was stronger over time and that country performance orientation and country labour cost moderate the training and organisational performance relationship. We found no evidence for the moderating effects of the three organisational context moderators we examined (i.e. industry sector, organisational size and technology intensity). Finally, our results reveal that training type (i.e. general or firm‐specific) does not moderate the training and organisational performance relationship.     

Learning and development opportunities as a tool for the retention of volunteers: a motivational perspective

The growing reliance on volunteers in Australia has heightened the need for non‐profit organisations to retain these valuable resources. However, the current literature on volunteer retention is limited. One potential way volunteers can be retained is by providing learning and development opportunities (LDOs). This study investigates the relationship between volunteer perceptions of LDOs, their motivations for volunteering, and retention. Analyses revealed significant main effects for LDOs and volunteer motivations on retention and several interactive effects demonstrating that LDOs can have differential effects on retention depending on the reasons for volunteering.